Washington (AFP) – Global stock markets remained focused Thursday on the progress of peace negotiations in the Middle East while absorbing a new batch of corporate results.
In Europe, Paris lost 0.14% and Milan 0.27%. London gained 0.29% and Frankfurt 0.36%. In Zurich, the SMI fell by 0.35%.
In New York, for the second consecutive session, the Nasdaq index and the broader S&P 500 index reached record closing highs, gaining 0.36% to 24,102.70 points and 0.26% to 7,041.28 points respectively. The Dow Jones rose by 0.24%.
According to analyst Patrick O’Hare from Briefing.com, “the momentum is in motion” on Wall Street. “Investors are pushing to see how far they can go.”
Wall Street is benefiting from “constructive signals” regarding the Middle East conflict, especially through recent comments from the American president.
Donald Trump stated Thursday that Iran had agreed to hand over its enriched uranium, one of his requirements for a deal with Tehran, and announced a ceasefire on the Lebanese front of the conflict.
“They have agreed to give us the nuclear dust,” the president told reporters at the White House, using his term for enriched uranium stocks, adding: “There is a very good chance that we will reach an agreement.”
The Islamic Republic did not immediately confirm this information, as negotiations are still ongoing under the auspices of Pakistan to organize a second round of talks after the failure of the first in Islamabad last weekend.
– Oil prices rise –
“The caution remains” regarding the situation in the Middle East, but Jose Torres from Interactive Brokers noted the further increase in oil prices on Thursday.
After appearing relatively stable at the beginning of the session, the price of a barrel of Brent crude oil for June delivery eventually rose by 4.70% to $99.39.
Its American equivalent, the West Texas Intermediate (WTI) barrel for May delivery, increased by 3.72% to $94.69.
Moreover, the Strait of Hormuz, through which about a fifth of the world’s oil passes, remains closed by Tehran.
“On the physical oil market, […] prices remain extremely high,” observed Stephen Schork from The Schork Group.
Taking into account barrels diverted through pipelines and the few ships that passed through Hormuz, the loss of Gulf oil has reached “about 13 million barrels per day,” according to ING.
“If the war were to intensify again and the Strait of Hormuz remained closed for several months, prices would soar significantly again,” warned Arne Lohmann Rasmussen, an analyst at Global Risk Management.
– Barry Callebaut falls in Zurich, Tesco rises in London –
Another market focus is on the ongoing earnings season from both sides of the Atlantic.
In Zurich, cocoa supplier Barry Callebaut plummeted more than 15% after reporting lower-than-expected results for the first half and revising its full-year targets due to the rapid decline in cocoa prices.
In London, Tesco, the leading British supermarket chain, announced a rise in profit for its 2025-2026 fiscal year but expressed concerns about the impact of the war in the Middle East on its current fiscal year’s results. Its stock price rose by 4.13%.
In Paris, the French spirits group Pernod Ricard lost some ground (-0.54%) following results affected by the Middle East conflict and negotiation for a merger with American Brown-Forman, the owner of Jack Daniel’s whiskey.
On Wall Street, the American snack and beverage giant PepsiCo (+2.28%) reported significant growth in first-quarter results, driven by strong beverage sales in its main market, North America.
AFP/RP
